Mazda Motor led Japanese automakers’ shares lower due to high yen.
The European debt crisis led the yen to the highest level against the euro in the last three months. That is why Mazda, Japan’s most export-reliant automaker, led the shares of Japan’s carmakers lower. Mazda dropped 9.1% to 100 yen, the lowest intraday level since 1974. This made all Japan’s automakers fell.
“Mazda has a large exposure to the euro and may move easily by the currency’s fluctuation,” said Satoshi Yuzaki, a general manager at Takagi Securities in Tokyo.
Yamaha Motor lost 3% to 821 yen, after a previous 7.6% slide due to low first quarter operating profit. Shares of Yamaha have dropped 15% this year. Taiyo Yuden rose 5% to 758 yen after its operating profit beat market expectations. The company also predicted an operating profit of 10 billion yen for the year to end in March 2013. The Topix’s transport equipment subindex, including Japan’s carmakers, dropped 1.8%, with Toyota down 1.4%, Nissan down 1.7% and Honda down 2.1%.